DID YOU KNOW ABOUT THE EMPLOYERS SUPERANNUATION CAP?

DID YOU KNOW THAT THERE IS AN EARNINGS BASE CAP WHERE EMPLOYERS DON’T HAVE TO PROVIDE SUPER GUARANTEE BEYOND THIS CAP?

For the 2016-17 financial year if an employee earns over $51,620 for a quarter, the employer doesn’t have to provide super on earnings beyond that amount.

So to put figures to this, 9.5% of $51,620 is $4,903.90 per quarter or $19,615.60 for the year being the amount that an employer must contribute to an employee’s super fund but is not compelled to contribute more than this.